ETH is approaching a decision which will have to be taken pretty soon.
Similarly to BTC (below my idea) the price has to choose if it goes higher or we drop further. This will take place soon as there is not much room left and price is being compressed here.
The bullish case presents a nice possible pump for ETH towards $1,800 while the bearish case has support just under at $1,360 (the old ATH).
I am slightly bullish biased because this pattern would favor a pump for several reasons:
1. Support held and made a higher low
2. Bullish divergence on RSI
3. MACD is bullish as well.
4. Good risk/reward for a bull case.
A break of the old ATH support line would be extremely bearish and would take the whole market down, which I find unlikely after a 30% correction already... If this happens, we're going to enter an extended correction, and that would be quite a surprise.
Alas, we should find out soon enough. I do not recommend taking a trade here, wait for resistance to break first.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my technical analysis videos on YouTube. :)
Similarly to BTC (below my idea) the price has to choose if it goes higher or we drop further. This will take place soon as there is not much room left and price is being compressed here.
The bullish case presents a nice possible pump for ETH towards $1,800 while the bearish case has support just under at $1,360 (the old ATH).
I am slightly bullish biased because this pattern would favor a pump for several reasons:
1. Support held and made a higher low
2. Bullish divergence on RSI
3. MACD is bullish as well.
4. Good risk/reward for a bull case.
A break of the old ATH support line would be extremely bearish and would take the whole market down, which I find unlikely after a 30% correction already... If this happens, we're going to enter an extended correction, and that would be quite a surprise.
Alas, we should find out soon enough. I do not recommend taking a trade here, wait for resistance to break first.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my technical analysis videos on YouTube. :)
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